Summary:
Boris Valkov, ex-Meta engineer, founded Lace AI to revolutionize customer service in home services.
Lace AI's software analyzes 100% of incoming calls to maximize sales opportunities.
1,000% ARR growth reported in 2024, showcasing significant business traction.
Raised $19 million in funding, with plans to triple its workforce.
Targeting home service sectors like HVAC, plumbing, and roofing for enhanced revenue generation.
As a former AI engineer at Meta, Boris Valkov played a pivotal role in developing PyTorch, one of the largest machine learning libraries globally. His journey into entrepreneurship began at a young age, influenced by his family's grocery store, where he learned the importance of telephone customer service. This experience sparked his interest in merging AI with customer service, leading to the birth of Lace AI.
Lace AI: A New Era in Customer Service
Valkov left Meta in late 2021 to establish Lace AI, a startup focused on developing AI-driven customer service software tailored for home service industries, including HVAC, plumbing, and roofing. Partnering with Stan Stoyanov, they aimed to enhance revenue generation through AI.
Addressing Industry Needs
After engaging with over 100 companies, they discovered that many sales in the home services sector begin with phone calls to call centers. Lace AI’s software is designed to improve the chances of converting these calls into sales. By utilizing revenue intelligence software, Lace analyzes all incoming calls to identify lost revenue opportunities, monitoring 100% of calls to ensure no potential lead is overlooked.
Impressive Growth Metrics
Lace AI currently collaborates with over 100 businesses, including notable names like A1 Garage Door Service and Eco Plumbers. Despite launching sales at the end of 2023, the company reported a staggering 1,000% annual recurring revenue (ARR) growth in 2024. Even a 1% increase in bookings can lead to significant revenue boosts for companies in this sector.
Funding and Future Plans
Lace AI has successfully raised a total of $19 million since its inception, including a $14 million seed round led by Bek Ventures. The startup plans to expand its workforce from 20 to 60 employees with the new funding. Investors are drawn to Lace due to its innovative approach and the team’s deep understanding of the needs in historically underserved sectors.
With its unique AI capabilities, Lace AI is poised to make a substantial impact in the customer service landscape, promising improved revenue generation for home service businesses.
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